Thrivent's Miguel Hernandez Barred for Defrauding Elderly Church-Going Client

Attorney Advising Disclaimer

FINRA barred Miguel Angel Hernandez (CRD 4733002), formerly of Thrivent Investment Management in El Paso, Texas, for allegedly defrauding an elderly woman he met at church by obtaining $25,000 in cash from her in exchange for investment promises he couldn't keep.

FINRA AWC #201504623201

The findings state that while associated with Thrivent, Hernandez misrepresented to his client that he had a tax business and promised her a 2% stake in this business, plus quarterly payments in excess of $1,000 for a multi-year period.

Hernandez purportedly did not have any such tax business and instead converted the older client's $25,000 funds for personal use.

Upon discovering the misconduct—and after Hernandez admitted entering into a business partnership agreement with a customer guaranteeing a 12% return in a business that was "never established"—Thrivent discharged Hernandez, noting he acted without the firm's knowledge or approval.

If you have invested with former Thrivent broker Miguel Angel Hernandez or with any broker or financial adviser whose false, misleading, or similarly inappropriate guarantee of returns or ownership in a fictitious business or other fraudulent conduct has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

Related Posts
  • Stifel Nicolaus Facing Massive Controversy, $24.5 Million Damages Claims, Over Unsuitable Structured Product Sales Read More
  • LPL Financial's Gregory Collins Cited for Failing to Disclose Side Gigs, Including Hedge Fund Role Read More
  • Westpark Capital's Nicholas Tocco Sanctioned for AML Compliance, Supervisory Failures Read More